Stanley Black & Decker Buys Craftsman from Sears Holdings

Posted on January 5, 2017

Stanley Black & Decker announced that it has agreed to buy the Craftsman tool brand from Sears Holdings. The deals is worth about $900 million. This includes $525 million in cash at closing.

The Craftsman brand was acquired by Sears in 1927 and was initially sold through the Sears catalog. As part of the deal Stanley will have the right to develop, manufacture and sell Craftsman-branded products in non-Sears Holdings retail, industrial and online sales channels. Sears will continue to sell Craftsman in its stores and online at Kmart and Sears.

Stanley Black & Decker President and CEO James M. Loree says in the announcement, "Craftsman is a legendary, American brand with tremendous consumer awareness built on a legacy of producing quality products at a great value. This agreement represents a significant opportunity to grow the market by increasing the availability of Craftsman products to consumers in previously underpenetrated channels. We intend to invest in the brand and rapidly increase sales through these new channels, including retail, industrial, mobile and online."

Sears has been struggling and the sale of its Cratsfman brand will give it much needed cash. Bloomberg reports that Sears is also planning to close 150 unprofitable stores.




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